MeetingsNet/An Analysis of the Economy’s Impact on Meetings and Incentives by Market Segment
Highlights
MeetingsNet magazines magazines conducted online surveys/polls of readers to gauge the effects of the economic downturn on their meetings and incentives.Changes to meetings
Shortening length/days of meetings
CMI
• 52 percent shortening the number of days
FIM
• 28 percent reducing the length of meetings
AM
•6 percent will plan shorter meetings
RCM
•21 percent shortening the meeting
Taking larger or national meetings and making them into smaller or regional meetings
CMI
• 31 percent said they are taking larger meetings and making into smaller or regional meetings
AM
• 15 percent offering regional in place of national
MM
• 14 percent will offer some regional meetings instead of national meetings
Reducing number of attendees (corporate only)
CMI
•48 percent reducing number of attendees
FIM
•26 percent reducing the number of attendees
Site selection/changing destination based on airfares and costs
CMI/2009
• 65 percent said they would choose meeting destinations with lower airfare
CMI
• 58 percent said they would rethink incentive destinations due to airfare
• 65 percent said they would consider using less-expensive properties for meetings
• 50 percent said they would consider using less-expensive properties for incentives
• 20 percent said they would book during the shoulder or off-season
AM
• 34 percent change to more affordable destination
RCM
• 43 percent change to more affordable destination
Other changes to meetings
FIM/2009
• 38 percent eliminating nonessential meetings
RCM/2009
• 19.4 percent do not plan to make any changes to cut costs [Good News!]
• 58 percent are increasing efforts to attract attendees
• 30.6 percent are eliminating some small meetings
AM/2009
• 13 percent reported NO negative fallout [Good news!]
• 27 percent said they won’t cut costs [Good news!]
• 22 percent are eliminating smaller meetings
• 58 percent said economic factors will force them to cut some services and/or programs that they typically offer at the annual meeting
MM/2009
• 41 percent will eliminate some small meetings
Changes to incentive programs
CMI
• 25 percent said NO changes to budget for 2009 incentive programs [Good news!]
• Among those who said they are “canceling” an incentive program, 36 percent have re-organized the trip as an “educational conference,” which in essence means the trip is moving forward in a different form.
[Good news!]
CMI
• 41 percent of respondents said they will cut the number of on-site gifts
• 25 percent said they will cut the number of tours and activities for qualifiers
• 22 percent said they are sponsoring fewer tours/activities
• 20 percent said they will cut meals and functions
Moving meetings online
CMI
• 42 percent of those who are canceling or postponing meetings said they would replace them with virtual meetings or teleconferencing
RCM
• 31 percent said they will replace some live meetings with virtual meetings or conference calls
AM
• 38 percent said they are replacing some live meetings with virtual meetings
MM
• 54 percent said they will replace some live meetings with virtual meetings or conference calls
Attendance Trends (association markets)
AM
2008: 46 percent said attendance held steady at meetings that have taken place since September [good news]
49 percent said attendance was down 5 percent or more
5 percent actually saw some gains for their annual meetings this fall [good news]
2009
72 percent said they expect to see attendance slip at least 5 percent
55 percent said they will see sponsorship dollars shrink
40 percent said they will see exhibitor income shrink
13 percent reported no negative fallout [good news]
41 percent anticipate paying attrition penalties for 2009 meetings
MM
Medical Meetings survey of medical association planners
• 67 percent of respondents are concerned that the economy will significantly reduce attendance (more than 5 percent) at their 2009 annual meeting
• 92 percent are concerned that economic and/or regulatory forces will significantly reduce revenue from exhibits/sponsorships at their 2009 annual meeting
• 87 percent are concerned that economic and/or regulatory forces will significantly reduce revenues (by more than 5 percent) from their 2009 annual meeting
• 58 percent say economic factors will force them to cut some services and/or programs that they typically offer at the annual meeting
RCM
2009
• 24.7 percent anticipate no negative effects on 2009 meetings [good news]
• 13 percent believe attendance at their meetings will decrease by more than 10 percent
• 9 percent said they expect attendance to increase in 2009 [good news]
• 31.2 percent said they are reducing attendance as much as 5 percent
• 15.6 percent reported reducing attendance by 6 to 10 percent
• 13 percent said they are reducing attendance more than 10 percent
2008/fall meetings
• 7 percent said attendance was up
• 48 percent said attendance was the same
• 9 percent said attendance was down by 5 percent or less
• 7 percent said attendance was down by 6 to 10 percent
• 21 percent said attendance was down by more than 10 percent
• 18 percent said they anticipate facing attrition issues for our 2009 meeting(s)
Related Articles:
- Increasing Attendance and Revenues at Association Meetings During a Down Economy, from Association Meetings
- What a Week!, from Corporate Meetings & Incentives
- Uncertain Times for Incentives, from Corporate Meetings & Incentives
- FICP Planners and Hospitality Partners Regroup and Retool: Survey Results Show Incentives Moving Forward, from Financial & Insurance Meetings
- The Economic Downturn Hits Medical Meetings from Medical Meetings
- What Does the New Year Hold for Religious Meetings?, from
- Religious Conference Manager
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© 2012 Penton Media Inc.
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